Bill > HB0047

This bill amends the Property Tax Code to modify the Low-Income Senior Citizens Assessment Freeze Homestead Exemption by introducing a new provision that, beginning in taxable year 2026, allows senior citizens to reduce their household income calculation by the amount of Medicare premiums they have paid during the calendar year. This means that when determining eligibility for the property tax exemption, seniors can subtract their Medicare premium expenses from their total household income, potentially making it easier for them to qualify for the exemption. The bill aims to provide additional financial relief for low-income senior homeowners by effectively lowering their reported income through the deduction of Medicare expenses. The exemption is designed to help seniors 65 years and older who meet certain income limitations maintain their homestead property tax assessment at a frozen level, and this amendment provides an additional method to potentially qualify for or maximize the exemption by accounting for healthcare-related expenses.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=47&GAID=18&DocTypeID=HB&SessionID=114&GA=104